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Gate Research Institute: AI MEME derivative Token continues to be hot, BTC network Computing Power reaches a new historical high
Summary
Market Review
According to gate market data, as of 4:00 on October 22 (UTC+0)【1】:
BTC - BTC price has fallen by 2.40% in the past 24 hours, with the current price at $67,376. The highest price in the past 24 hours was $69,532, and the lowest price was $66,853. After reaching the resistance level above $69,500, the price subsequently fell below the $69,000 level. The current support level is at $66,500. If the price stabilizes at this support level, a rebound is expected. However, if the support level is further broken, it may intensify the short-term decline. [2]
ETH - ETH has fallen by 2.94% in the past 24 hours and is currently priced at $2,667. After reaching the resistance level above $2,770, the price has dropped and fallen below the previous support level of $2,650. Currently, $2,600 has become a new potential support level. If this support level cannot be held, the ETH price may further decline; if it can be effectively supported, it may oscillate within this range. Investors should closely follow the market trend and adjust their investment strategies in a timely manner. [3]
ETF - According to SoSoValue data, the total net inflow of US BTCSpot ETF on October 21 was $294 million【4】, and the total net outflow of US ETHSpot ETF was $20.8 million【5】.
Most AltCoin prices fell with the pullback of BTC in the past 24 hours, but BTCFi, Wallets, Elon Musk-Inspired and other zones performed relatively well, rising by 9.36%, 1.70%, and 1.34%, respectively. [6]
US stock three major indexes —— S&P 500 index fell 0.18%, Nasdaq index pump 0.27%, Dow Jones index fell 0.80%.[7]
Spot Gold - The spot gold price is $2,726 per ounce, pumping 0.22% intraday.【8】
Fear and Greed Index - The Fear and Greed Index has dropped from 72 to 70 yesterday. Despite the continuous weakening of greed sentiment, the market sentiment remains optimistic, with continuous inflow of funds and investors remaining bullish. However, the risk of market overheating still exists, and we need to be vigilant about possible fluctuations and pullbacks in the future.【9】
Popular Tokens
According to the Gate market data, combined with the volume and price performance in the past 24 hours, the following hot altcoins are: [10]
VIRTUAL —— Daily increase of about 34.1%, with a circulating market value of $186 million. Virtual Protocol is a Decentralization protocol, focusing on creating collectively owned, human-curated plug-and-play game artificial intelligence (AI) agents. The project originated from Path DAO, aiming to address the value flow issues in the gaming and AI fields, ensuring contributors receive appropriate rewards. Virtual Protocol allows users to create various types of AI characters, which can interact in different virtual environments and generate income. Users can stake these AI to share the income. The protocol also provides governance mechanisms, allowing holders to participate in the decision-making process.
AI robot Luna Virtuals launched the AI Token $LUNA on October 20th. As of October 22nd at 4:00 (UTC+0), its market capitalization reached a peak of $75 million. The significant pump of $LUNA also boosted the price of its parent company's token $VIRTUAL. The success of $LUNA has attracted attention from AI professionals outside the encryption field, thereby increasing recognition and demand for the Virtuals project in the market. Additionally, Virtuals Protocol allows users to collectively own and manage AI agents, further enhancing its application potential. 【11】
XCN —— Single-day increase of approximately 23.7%, with a circulating market value of 50.38 million US dollars. Onyx protocol is a Decentralization financial platform based on the ETH blockchain, focusing on providing secure and efficient lending and Liquidity services. It supports various assets, including ERC-20, ERC-721, and ERC-1155 Tokens. What sets Onyx apart is its flexible credit limit, allowing users to continuously use these limits without monthly repayments or expiration dates as long as the Collateral remains sufficient. Additionally, the Onyx protocol plays a significant role in governance and the ecosystem through its native Token XCN.
Recently, the Onyx protocol officially stopped the distribution of XCN incentives for V2 through a proposal, and the lending incentive speed was adjusted to zero to ensure that all active users smoothly migrate to the updated version. This change will optimize resource allocation, improve the security and efficiency of the system, and the remaining XCN rewards will be reallocated to the XCN-WETH farm to support the continuous development and innovation of the protocol. This move lays the foundation for the future of the Onyx protocol, further promoting the growth of digital assets and potentially pumping up Token prices. [12]
SAFE —— The daily increase is about 16.7%, with a circulating market value of 5.54 billion US dollars. Safe is a project focused on digital asset management, aiming to provide flexible and secure smart account solutions. Through Safe{Core}, it provides modular infrastructure for developers and promotes the application of Account Abstraction technology. Since 2018, Safe has protected over $100 billion in assets and is widely used by DAOs, Web3 companies, and individual users. [13]
On October 10th, Safe launched a new integration with Kiln that allows users to seamlessly stake ETH through Safe{Wallet}. This enterprise-grade non-custodial staking solution provides users with higher security and flexibility, while retaining full control over their funds. This news may be an important factor in pushing its price to pump on a single day or causing a pump in $SAFE price. [14]
Highlights Data
BTC ETF net inflow of 294 million US dollars yesterday According to Sosovalue data, the BTCSpot ETF in the United States had a net inflow of $294 million and a total trading volume of $1.76 billion on October 21. The cumulative net inflow total is $21.231 billion, and the total value of BTC managed by the ETF is $65.337 billion, accounting for 4.88% of the total market capitalization.
ETH ETF net outflow of $20.8 million yesterday According to Sosovalue data, the US ETH Spot ETF had a net outflow of $20.8 million and a total daily trading volume of $163 million on October 21. The cumulative net outflow is $501 million, and the total value of ETH managed by the ETF is $7.393 billion, accounting for 2.29% of the total market capitalization.
BTC network Computing Power exceeds 840 EH/s, reaching a new all-time high According to BitInfoCharts data, the Computing Power of the BTC network has reached a historic high of 840 EH/s, demonstrating the increasing security of this global first Blockchain network. Since 2021, BTC Computing Power has been steadily rising, a rise closely related to the technological advancements of Mining Rig hardware such as ASICs. While the continuously increasing Computing Power means improved security for the BTC network, it also leads to an increase in mining costs. The Halving event of BTC has resulted in a decrease in Block rewards, coupled with the rising Computing Power, which may trigger a wave of consolidation among small mining enterprises. [15]
TON network daily active users decreased to about 740,000 According to Tonstat data, after reaching a peak of 1.47 million daily active users on September 30th, the TON network saw a sharp 69% decline to a low of approximately 450,000, and the latest data shows around 740,000. This significant downward trend may indicate that the user activity on the TON network is facing some short-term attrition, perhaps due to changes in market sentiment and the gradual cooling down of the Tap-2-Earn game Airdrop activity's Token distribution, which was previously widely discussed. If this trend continues, TON may face greater challenges, especially in maintaining user engagement and achieving long-term rise, TON urgently needs to develop new strategies to attract and retain users.
Hotspot Review
Gate Ventures and HackQuest jointly organize Web3 Dev Huddle to drive Web3 innovation in Southeast Asia Gate Ventures and HackQuest will co-host the Web3 Dev Huddle on November 14, 2024, at the Gaysorn Tower multipurpose space in Bangkok. The event aims to promote Web3 innovation in the Southeast Asia region, providing participants with the opportunity to interact with top influencers and innovators, and explore the latest developments in Web3 technology.
The event schedule includes keynote speeches, multiple thematic discussions, and entrepreneurial roadshows, covering topics such as the blockchain ecosystem, the integration of Web3 and artificial intelligence, and investor perspectives. The timing of this event coincides with the increasing demand for Web3 technology in the Southeast Asian market, especially against the backdrop of digital economic transformation. The interaction between developers and top influencers not only facilitates the dissemination of knowledge but may also give rise to new collaboration opportunities, further promoting technological innovation in the region.【17】
The misspelling of GOAT caused a pullback, but did not weaken the continuous hot trend of AI Meme derivative Token GOAT Token is derived from the promotion of the AI-driven semi-autonomous robot 'Truth Terminal'. For more detailed information about GOAT Token, please refer to last week's introduction by Gate Research Institute. [18]
However, on October 20th, a post was released by the project with a spelling mistake, where "group" was mistakenly spelled as "grouops", leading to community doubts about whether the AI truly possesses intelligence. This incident caused GOAT's market capitalization to slump by 50% from 5 billion USD to 2.5 billion USD, with the lowest price hitting 0.1447 USD. Nevertheless, GOAT immediately rebounded afterwards, with the market capitalization rising to over 3.8 billion USD.
Meanwhile, several derivatives such as $slop have emerged in this wave of excitement. $slop is an artistic image created by an AI robot named Namshub, whose market capitalization has experienced dramatic fluctuations, from a big dump of $18 million to $6 million and then rebounded to $30 million. [20] Other popular tokens such as GNON and Fartcoin also have a place in the market, the former combining AI and religious concepts, and the latter being considered the beta version of GOAT. The rapid changes and innovative concepts of these tokens have attracted more and more investors to follow, demonstrating the potential and vitality of the AI Meme coin sector in the crypto market.
Nearly half of Swiss banks plan to implement tokenization measures According to surveys conducted by the University of St. Gallen, mintminds, and vision&, currently 48% of Swiss banks are planning or have already implemented tokenization use cases, while 64% accept cryptocurrencies. Additionally, 58% of banks plan to explore other 'advanced' blockchain applications such as trade financing and settlement. The 19 banks surveyed unanimously believe that the potential of blockchain technology will be realized in the next two to five years, with a more significant impact after five years. However, only 37% of bankers believe that Distributed Ledger Technology (DLT) will have a significant impact after five years, while the remaining 63% consider its importance to be moderate. It is worth noting that 11% of private banks believe that the impact of blockchain will be significant in the next two years. Furthermore, over a quarter of banks have ten or more full-time employees dedicated to digital assets, while 21% of banks have two to five relevant personnel.
The gradual acceptance of digital assets and blockchain technology by Swiss banks reflects the industry's optimism about the future. Despite some uncertainty in the short term, the high acceptance rate and positive planning demonstrate the banks' desire to maintain a leading position in the competition. This trend may also inspire more financial institutions to follow suit and drive the entire industry towards a broader digital transformation. In the coming years, with the maturity of technology and the increase in application cases, banks are expected to gain further confidence in blockchain, thereby promoting deeper levels of innovation and collaboration. [21]
Financing Information
According to RootData, a total of 4 projects in the cryptocurrency field announced their financing in the past 24 hours, as follows: [22]
Echo Protocol - Echo Protocol announced the completion of a Pre-seed round of financing on October 20, the amount of which was not disclosed. This round of financing was led by Spartan Group. Echo is a versatile protocol designed specifically for bridging, staking, and Decentralized Finance (DeFi), enabling seamless interoperability within the Move ecosystem. Its mission is to enhance BTC liquidity and introduce innovative staking solutions for BTC assets within Move.
Port3 - Port3 Network announced the completion of financing on October 21, without disclosing the amount and round. Port3 Network is an artificial intelligence service protocol with a large amount of Web3 data sets, a Decentralization computing platform, and an open Cross-Chain Interaction execution layer. This move aims to promote the automation of various Web3 artificial intelligence applications, including user and community analysis, market dynamics, and project evaluation.
B² Network - B² Network announced on October 21st that it has completed a financing round, with the amount and round undisclosed for now. B² Network is a Rollup compatible with the Ethereum Virtual Machine (EVM), using Zero-Knowledge Proof technology for verification on Bitcoin.
Ordzaar —— Ordzaar announced the completion of a $3 million seed round of financing on October 21st. Ordzaar is a Non-fungible Token market focused on BTC Ordinals, where users can participate, purchase, trade, and sell Ordinals on the BTCBlockon-chain.
Airdrop opportunity
Scroll announces its first Airdrop event, rewarding 55 million SCR to community contributors Scroll recently announced its first Airdrop event, planning to distribute 7% of the total supply (approximately 55 million SCR Token) to community contributors. This Airdrop aims to reward users who actively participate in the Scroll ecosystem, including various categories such as on-chain activities, ecosystem projects, and technical contributions. Participants need to accumulate at least 200 Marks by October 19, 2024 to receive the corresponding SCR Token.
In this Airdrop, 55,000,000 SCR Token will be distributed to users participating in on-chain activities, with 40,000,000 SCR being distributed proportionally to eligible participants. In addition, Scroll will also provide an extra 10,000,000 SCR as Flat Boost to all eligible users, ensuring that each participant receives a certain Token reward. The Airdrop will start on October 22, 2024, and will last for 90 days, aiming to further encourage community participation and support Scroll's development. [23]
EchoProtocol EchoProtocol is a project incubated by MoveMent Labs that focuses on improving the Liquidity of Bitcoin (BTC). The protocol aims to promote seamless interoperability of BTC assets through bridge, Liquidity stake, and re-stake solutions. In October 2024, EchoProtocol completed its Pre-Seed round of financing and received support from multiple well-known investment institutions, including Spartan Group and ABCDE Capital. Currently, the Total Value Locked (TVL) of the project has reached 2,000 BTC, equivalent to approximately 130 million US dollars. The participation method is as follows: [24]
**Reference:**
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